Protecting the most vulnerable in consumer credit transactions

Wilson, Therese, Howell, Nicola, & Sheehan, Genevieve (2009) Protecting the most vulnerable in consumer credit transactions. Journal of Consumer Policy, 32(2), pp. 117-140.

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There are two key ways in which the Australian Uniform Consumer Credit Code seeks to protect consumers in relation to consumer credit transactions. The first is by means of disclosure regulation where information is required to be disclosed to the consumer before the credit contract is entered into and the second is by way of “safety net” provisions, where contracts can be varied or set aside in the event of hardship, a finding that the transaction was unjust, or a finding of unconscionable fees or charges. This article explores the limitations of both of these means of protection, particularly in the case of vulnerable, low-income consumers. In order to highlight the inadequacies of these forms of consumer protection and the need for regulatory reform, we draw on interviews conducted with 30 low-income consumers who had recently signed a credit contract, focusing on their understanding of information disclosed in the contract, as well as their responses to hypothetical unfair terms and their understanding of their rights, for example in the event of an unjust transaction. These interviews were conducted as part of a joint research project between Brotherhood of St Laurence and Griffith University’s Centre for Credit and Consumer Law, funded by Consumer Affairs Victoria.

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ID Code: 27225
Item Type: Journal Article
Refereed: Yes
Keywords: Consumer credit, Disclosure regulation, Safety net provisions, Low-income consumers
DOI: 10.1007/s10603-009-9098-5
ISSN: 1573-0700
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Commercial and Contract Law (180105)
Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Access to Justice (180102)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Copyright Owner: Copyright 2009 SpringerLink
Copyright Statement: The original publication is available at
Deposited On: 18 Nov 2009 02:45
Last Modified: 29 Jun 2017 14:40

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